Impact of New Direct Individual Tax Regime During Last Two Years

The New Individual Tax Regime was introduced on 1st April, 2020 with the objective of simplifying tax compliance and a lower rate of tax was announced on different slabs which have been increased from 3 to 7 slabs of income range. It is importance to understand how this new individual tax regime has affected the tax liability of the individuals or contributed in increasing the tax base or in increasing tax revenue. Hence an attempt is made to understand the impact of New Direct Tax regime on the options of the assesses, revenue generation and widening the tax base.